The eurozone economy contracted for two straight quarters, according to data released on Thursday.. And this means that it has entered a technical recession, signaling a loss of growth momentum in the European single currency zone, caused by an energy shock, Russia's war against Ukraine, inflation and strengthening monetary policy..

Politico writes about this, adding that according to Eurostat, in the first three months of 2023, eurozone GDP fell by 0.1% compared to the previous quarter.. GDP was also revised down for the last quarter of 2022 to -0.1% from 0% as previously forecast.

The data released on Thursday was a deterioration of the previous quick estimates released in April, which indicated growth of 0.1% in the eurozone in the first quarter of this year.. They were adjusted downward after the release of data from Germany, which showed that the country's economy has been shrinking for the second quarter in a row, sliding into a recession..

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Employment in the Eurozone continued to grow, rising by 0.6% in the first quarter of this year compared to 0.3% last quarter. Recall that in January, the IMF predicted that in 2023 the recession will cover a third of the world.. At the same time, the fund noted that half of the EU will face such difficulties.. And the economies of the US and China will slow down at the same time. In general, the IMF warned that 2023 will be economically more difficult than the previous one..